Regulatory & Compliance

ALEXANDRIA, Va.-NCUA has closed the doors of another tiny credit union and is in the process of issuing checks to accountholders. On April 4, NCUA liquidated $130,000 St. Charles Borromeo Church Federal Credit Union of New York City. The credit union had been serving 200 members of the church since...

ALEXANDRIA, Va.-NCUA issued a Letter to Credit Unions (06-CU-07) last week to offer credit unions help with their compliance regarding data security. Each section of the guidance refers to particular parts of the agency's rules and regulations; it includes information on safeguarding member information and response to unauthorized access. The...

ALEXANDRIA, Va.-NCUA has issued prohibition orders against eight individuals, banning them from further involvement in the operations of federally insured financial institutions. *Lisa Ann Bramble, former bookkeeper of Sierra Central Credit Union, Yuba City, Calif., pleaded guilty to embezzlement and was sentenced to 27 months imprisonment followed by five years...

ALEXANDRIA, Va.-St. John Baptist Federal Credit Union member accounts were transferred after NCUA liquidated the credit union late last month. United Financial Services Federal Credit Union will take over accounts from $68,000 St. John Baptist Credit Union after NCUA liquidated the credit union for insolvency. NCUA worked with $21 million...

ALEXANDRIA, Va.-As retirement account protection increased, NCUA issued a statement announcing that new signage would be available shortly. Federal deposit insurance retirement account coverage increased on April 1 to $250,000 and other coverage will potentially be increasing five years from now due to the new deposit insurance reform law. Though...

WASHINGTON-NCUA, in conjunction with the other federal financial regulators, shared findings recently from a report on how to make privacy notices more understandable for consumers. Evolution of a Prototype Financial Privacy Notice summarizes a year's worth of consumer research to improve financial privacy notices. The report, conducted by Kleimann Communication...

WASHINGTON-The federal financial regulators and the Department of Housing and Urban Development last week issued updated answers to the frequently asked questions on Home Mortgage Disclosure Act price data. HMDA data will include pricing information for the second year in a row for loans above reporting thresholds set by the...

DES MOINES, Iowa-During remarks at the Iowa Credit Union Foundation Summit, NCUA Vice Chairman Rodney Hood laid out the importance of homeownership, particularly among the underserved, for wealth building. "Owning a home is the foundation of wealth for low-income families and is their quickest path to self-sufficiency," Hood said. Serving...